Bank of America (NYSE:BAC), the second-biggest U.S. bank by assets, is expected to post a modest profit gain in the fourth quarter as cost-cutting offsets declining revenue from trading, retail and mortgage divisions.
Bank of America Corp. (NYSE:BAC) completed its swap of common stock and notes for preferred shares as part of its efforts strengthen its capital base ahead of Fed's 2012 stress test.
So far, it has been a tough week for the troubled Bank of America Corp. (BAC). The firm's stock hit a new 52-week low Tuesday, dropping more than 3 percent to $5.03 a share, the lowest level since March 12, 2009. After the market closed, more bad news came as Standard & Poor's downgraded the bank's long-term credit rating by a notch to A- from A.
RBC Capital Markets said the completion of initial debt exchange and sale of additional non-strategic assets will strengthen the balance sheet of Bank of America Corp.
Bank of America Corp. learned a lesson from its abandoned debit card fee and will work to provide transparency and fair pricing to customers while producing a return for shareholders, Chief Executive Brian Moynihan said on Tuesday.
Asian shares fell on Tuesday, as a rise in euro zone bond yields reflected lingering doubts about the ability of politicians in Italy and Greece to push through painful reforms to resolve their debt crises and win market confidence.
Bank of America Corp plans to sell most of its remaining stake in China Construction Bank Corp for $6.6 billion in cash to boost the ailing U.S. bank's capital levels.
Bank of America Corp plans to sell most of its remaining stake in China Construction Bank Corp for $6.6 billion in cash to boost its capital levels.
Bank of America Corp. (NYSE:BAC) said it agreed to sell about 10.4 billion common shares of China Construction Bank Corp. (CCB) through private transactions with a group of investors, in a move that will result in an after-tax gain of about $1.8 billion.
The banking sector, enduring rounds of deep job cuts, faces the grim prospect of having nowhere to turn to for immediate employment in the industry, as nearly all branches of finance have pulled back on hiring.
Bank of America Corp is considering further reducing its stake in China Construction Bank Corp, a newspaper reported said on Monday, after the bank cut its holding by half in August.
China announced a reshuffle of its top economic regulatory posts on Saturday, the official Xinhua news agency said, the first big step in a comprehensive leadership change that will culminate when its top political leaders retire.
otal revenues jumped by about 6.6 percent from $26.9 billion to $28.7 billion.
The jobs cut is the single largest job reduction by a U.S. company this year, and the most since the U.S. Postal Service said last year it wanted to cut an additional 30,000 jobs.
On the day President Barack Obama sent his $447 billion jobs bill to Congress in a bid to solve America's unemployment problem, the Bank of America delivered an economic blow -- announcing plans to slash as many as 30,000 jobs.
Bank of America tried to grow at the peak of the U.S. financial disaster several years ago, acquiring Countrywide Mortgage and Merrill Lynch, the investment bank, but now the Charlotte, N.C.-based company is destined to shrink. The company disclosed plans on Monday to cut 30,000 jobs, as the nation's largest bank tries to cut costs as the U.S. economy continues in a slow-growth, high unemployment mode.
Bank of Nova Scotia (BNS.TO) said on Friday it will buy a near 20 percent stake in Bank of Guangzhou for about C$719 million ($722 million) to expand its footprint in China, becoming the latest foreign bank to invest in a Chinese bank before the bank does an IPO.
A consortium that included the Chinese government was the biggest buyer of a 5 percent stake in China Construction Bank Corp sold last month by Bank of America, the Financial Times reported on Sunday.
Hong Kong shares gained for a second-straight session on Tuesday, but trading was thin as investors stayed on the sidelines ahead of economic data releases from China and the United States this week.
Hong Kong-listed shares of China Construction Bank Corp rose more than 4 percent on Tuesday after Bank of America Corp said it will sell about half of its 10 percent stake in the Chinese lender, providing relief to investors by removing uncertainty surrounding the stake.
Hong Kong-listed shares of China Construction Bank Corp, the world's No.2 lender, rose more than 4 percent on Tuesday after news that Bank of America Corp will sell about half of its stake in the Chinese lender.
Hong Kong-listed shares of China Construction Bank Corp, the world's No.2 lender, rose more than 4 percent on Tuesday after news that Bank of America Corp will sell about half of its stake in the Chinese lender.
